Posted by SCook85 on December 13, 1998 at 09:28:32:
Dale,
I think that you answered your own question about what to do with the house. But I will ask you this, what would be your reasoning behind not selling it now and taking the profits? If you could get $125,000 tomorrow would you take it. A Lease Option is hopefully going to end up with the result of a sale, it is a matter if you want your money now or later.
I haven’t read any of the lease option material available on this site so I wouldn’t know what to recommend but I am sure that it must be good for JP to sell it on this site.
Unless you have some reason for not wanting the cash now, such as wanting to acquire rental properties I would recommend just selling it outright if it is possible.
Posted by T Dale on December 13, 1998 at 07:47:37:
My wife and I are looking at new homes in the 175,000-200,000 range and are quite comfortable with a mortgage in that range. My question is what to do regarding are current residence, we bought our current house 3 years ago from a friends family with no realitors for 103,000 at 6.5% and currently owe 99,000. The houses in our neighborhood are selling for 125,000-130,000(listing 127,000-130,000) I really would like to try and keep this house and rent or lease-option it. Can you give me some advice or direction on obtaining info on this type of situation ?
P.S Our new home will be within 10 miles of our current residence and I am very handy with home repairs. Thank you in advance, T Dale